First National Bank (Albany, OR)

View Charter #2928 on SPMC View balance sheet

Episode Information

Episode Type
Suspension → Closure
Start Date
March 2, 1933
Location
Albany, Oregon (44.637, -123.106)
Bank Type
national
Charter Number
2928

Metadata

Episode ID
Bank ID
City ID
411116796
Model
gpt-5-mini
Short Digest

Receivership Details

Depositor recovery rate
69.7%
Date receivership started
1933-08-16
Date receivership terminated
1940-07-24
Share of assets assessed as good
37.0%
Share of assets assessed as doubtful
53.8%
Share of assets assessed as worthless
9.2%

Notes

Receivership date noted in metadata (1933-08-16) and supported by press reports naming the receiver.

Events (4)
1. April 16, 1883 Chartered
Source
historical_nic
2. March 2, 1933 Suspension
Cause
Government Action
Cause Details
Governor Meier declared a three-day statewide banking moratorium (bank holiday) starting Mar. 2, 1933 due to California bank closings; banks limited to emergency business.
Newspaper Excerpt
Statewide three day bank holiday ordered today by Governor Meier was met generally throughout Oregon...
Source
newspapers
3. August 16, 1933 Receivership
Newspaper Excerpt
C. Bryant ... has been appointed by the comptroller of the currency as receiver for the First National bank of Albany, according to word received yesterday from Washington.
Source
newspapers
4. August 16, 1933 Receivership
Source
historical_nic

Newspaper Articles (12)
1. March 2, 1933 Corvallis Gazette-Times Corvallis, OR

Article Text

CORVALLIS BANKS OPEN TOMORROW Only Emergency Business and Accommodation of Public on Restricted Basis MORATORIUM TODAY Governor Calls a State-Wide Holiday, Due to California Closing At ten minutes to 10 o'clock this morning the banks of Corvallis were notified that the governor had declared a three-day moratorium for all the banks in the state. The news came as a bolt from a clear sky and when we were informed that the order was mandatory, we submitted to the will of constituted authority. The banks of Portland were closed, but since then they have opened up for the transaction of emergency business only and other banks throughout the state will doubtless follow their lead. Under these conditions the banks of Corvallis will open their doors tomorrow morning for the transaction of emergency business and the accommodation of the public on a restricted basis. First National Bank of Corvallis Benton County State Bank PORTLAND, Mar. 2 — (AP) — Statewide three day bank holiday ordered today by Governor Meier was met generally throughout Oregon with a decision by bankers to remain open for the transaction of what was described as "necessary business." Only in a few cities of the state did banks remain closed. The First National of La Grande which has been closed for more than four months, reopened today and officers said the bank would not observe the holiday. California banks also were operating under the holiday proclamation. Large downtown Portland banks did not observe the banking holiday called by Governor Meier today and shortly after the regular opening hour they said they would pay on checking and saving accounts up to a "reasonable" amount, to enable depositors to purchase necessities. Although signs announcing the banking holiday were posted on the doors of all Portland banks before regular opening hours, these signs later were taken down by the larger institutions which announced they would remain open and transact "necessary business." Postmaster Jones announced the proclamation would in no way interfere with the operation of the Postal Savings bank which continued to transact business in the regular way. SALEM, Mar. 2—(AP)—The three Salem banks were to open at 11:15 this morning to transact "necessary business," they announced following word that Portland banks were taking similar action. SALEM, Mar. 2—(UP)—Governor Meier today issued a proclamation declaring a three day legal holiday in Oregon, starting today and continuing through Saturday, such action will allow the closing of all Oregon banks for three days. "It is the only step to take to protect banks here because many of them clear through California banks and the California banks are closed," he said. "Financial distress prevailing in neighboring states is making its effects felt in Oregon," Governor Meier said in his statement. "It is essential for the protection of all depositors that bank withdrawals be suspended for a brief period to permit enactment of necessary regulatory acts stabilizing legislation, in line with federal enactments and legislation enacted in other states." The governor said he understood Arizona banks to be in strong financial condition. "We have had no advices any Arizona banks are in distress, but today's action is merely a safeguard," he said. General Holiday The governor's proclamation, declaring a legal holiday for all banks, financial institutions, county and city offices, courts and schools, was made today because it was (Continued on page 8)

2. August 18, 1933 The Oregon Daily Journal Portland, OR

Article Text

BANK RECEIVER NAMED Albany, Or., Aug. 18 C. Bryant, Albany attorney. has been appointed by the comptroller of the currency as receiver for the First National bank of Albany, according to word received yesterday from Washington. The botany collection of the University California contains approximately 500,000 specimens.

3. June 14, 1934 Albany Democrat-Herald Albany, OR

Article Text

COUNTY TREASURER WILL BE ENJOINED Nance Awaiting Notice of Action by Receiver of First National County Treasurer Grover Nance this expecting with an injunction by Receiver Bryant of the First National Bank Albany the sale Albany bonds posted by the bank to secure county deposits. In conversation this Mr. Bryant notice of the forthcoming action while the the proposal that the bonds sold the United States National Bank of Portland. where they are deposit for safe keeping, money held by the bank awaiting the by court. The court ordering the the time provided that the bonds Albany. that time the Port land bank has refused to turn bonds the treasurer. holding that issued receipts for them National Bank can not except at the receiver. The chief that of possession of the bonds, the receiver hold that they the property bank the county that rightfully belong the county, since the bank closed its The comptroller of banks, according reaching Albany. has ruled that $12,000 bonds over which the question of the the act in posting them for originally been put jeopardy prior ruled that subsequent pledging the bonds given legal stamp transaction that not exempted liability for the Included the Klamath Falls bonds, which were held by the county sheriff secure the bank and which were the sheriff's by the treasurer. The receiver asking this $2,000 bonds returned bank but he has objection the the bonds, they sold Portland and the money in subject the federal court's the money.

4. June 15, 1934 The Oregonian Portland, OR

Article Text

BOND SALE HITS SNAG Bank Receiver to Go Into Court to Prevent County Action. ALBANY, Or., June County Grover Nance was notified today by C. Bryant, receiver for the First National bank of Albany, that the receiver will seek prevent the sale of in bonds posted as security for county deposits in The securities in United States National bank The was that the be satisfied the turn of $2000 held security for the sheriff's account, today but the county yields this point the scheduled next will be held up. Bryant made that the sale held the proceeds be held in trust subject to award of the federal

5. December 14, 1934 Greater Oregon Albany, OR

Article Text

COUNTY BANK CASE UP MONDAY Oscar Hayter, of Dallas, attorney for C C. Bryant, receiver of the First National Bank of Albany, was here Tuesday conferring with the county attorney regarding the injunction hearing which will come up in Federal court in Portland next Monday. The injunction prohibited the county treasurer from selling security given by the bank to protect county funds, other than enough to cover his own account. The bank receiver says that the sheriff's and clerk's accounts are unpreferred claims while the county claims they are preferred. These accounts total $7,043.57. The county has held up secur-

6. April 26, 1935 Greater Oregon Albany, OR

Article Text

BANK RECEIVER COLLECTS $557,754 The quarterly report of C. C. Bryant, receiver for the First National bank of Albany shows a collection of $62,105.15 in accounts due the bank. Addition to this amount brings the total of collections to March 31, 1935, to $557,754.47. All obligations to the Reconstruction Finance corporation, from which the bank had received loans, have been discharged. During the six-month period $30,600 was diverted, retiring the last loan of $125,000. The report shows $36,324.52 cash on hand, a gain of $19,007.16 over cash on hand September 30, 1934. Taxes, interest, administrative expenses, and other receivership costs during the half-year amounted to $10,713, bringing the grand total since the bank went into liquidation to $34,174.86. Of the $10,713 receivership costs, $2,300 were paid out in taxes, and $2,100 in interest payments. The remaining assets with a book value of $750,112.11 has an estimated value of $6,900. The day for payment of the next dividend is determined entirely by the federal treasury department.

7. June 7, 1935 Albany Democrat-Herald Albany, OR

Article Text

the exercise of ordinary care concerning the affairs, assets and liabilities of said bank, could have known of the insolvency thereof; that notwithstanding said insolvency of said bank and the knowledge of said insolvency on the part of said officers and directors, and each thereof, the said bank was fraudulently operated for more than a year immediately prior to March 1, 1935, as a solvent bank and the said bank and officers and directors thereof held out fraudulently to the defendants and to the public that said bank was solvent, and that by reason of said fraud the defendants herein were induced to believe and did believe that said bank, at all times alleged herein, was a solvent institution, and were induced at times . . . . to deposit the public funds and the funds herein mentioned, in said bank" Claim Equal Protection It is the county's contention that all funds belonging to the county and deposited in the First National bank were considered to be as part of the treasurer's account, and would have been so deposited had it not been for a tacit agreement between the county officers and the bank that all of the county's funds would be thus regarded, and accordingly all protected equally by bonds covering the treasurer's account. The county further contends that the First National bank was operating under the same law as the Albany State bank, which, though defunct as was the First National at the same time, transferred all county funds to the treasurer's account upon being placed under restriction, all with the approval of the state superintendent of banks, and also transferred to the county all bonds put up as security.

8. June 8, 1935 The Capital Journal Salem, OR

Article Text

COUNTY CLAIMS AGAINST BANK START MONDAY Albany — Linn county's claims against the defunct First National bank of Albany will be presented to the federal court Monday at a hearing scheduled to start at 10 a.m. with Special Master and Chancellor David B. Evans, appointed by Judge McNary of the federal court at Portland hearing the claims, according to C. C. Bryant, receiver for the bank, as plaintiff and the Linn county officers as defendants. The defendants are R. M. Russell, individually and as county clerk of Linn county; Herbert Shelton, individually and as county sheriff, and Grover C. Nance, individually and as county treasurer. The U. S. National bank of Portland is also named as a defendant. The hearing is scheduled to take place in the law library of the First National bank. This hearing will bring to an issue a temporary injunction granted June 13, 1934, by the federal court, restraining the county from selling two Klamath county permanent road bonds of $1000 par value each, which had been put up among others by the bank prior to the time the bank went into receivership, and prior to March 1, 1933, as security for county funds. Specifically the funds involved are a clerk's account of $7960.82, a sheriff's account of $6785.75, and a special sheriff's account of $462, totaling $8044.57. The county contends that the sheriff's and clerk's funds are public funds and that the bank's security was put up to cover all public funds. Therefore, these accounts are entitled to preference. The dispute started in 1934 when County Treasurer Nance refused to surrender to the bank receiver $42,500 par value bonds which had been deposited by the bank to secure county deposits. On June 18, 1934, bonds from this group totaling $40,500 in par value were sold by the county treasurer for $39,448.58. From the proceeds of this sale the treasurer's account of $31,364.15 was paid, leaving a balance of $8084.43 which is now held in escrow at the U. S. National bank in Portland. Disposal of the injunction will be determined by Monday's hearing. Should the case be decided in the county's favor the county will be reimbursed to the extent of $8044.57, the principal claimed due.

9. June 8, 1935 The Capital Journal Salem, OR

Article Text

Albany — Linn county's claims against the defunct First National bank of Albany will be presented to the federal court Monday at a hearing scheduled to start at 10 a.m. with Special Master and Chancellor David B. Evans, appointed by Judge McNary of the federal court at Portland hearing the claims, according to C. C. Bryant, receiver for the bank, as plaintiff and the Linn county officers as defendants. The defendants are R. M. Russell, individually and as county clerk of Linn county; Herbert Shelton, individually and as county sheriff, and Grover C. Nance, individually and as county treasurer. The U. S. National bank of Portland is also named as a defendant. The hearing is scheduled to take place in the law library of the First National bank.

10. July 13, 1935 Albany Democrat-Herald Albany, OR

Article Text

BANK'S RECEIVER MAKES QUARTERLY REPORT SATURDAY Assets of a book value of $719,851 and of an estimated value of $209,176 remain in the First National bank of Albany, according to the quarterly report of the receiver, C. C. Bryant, for the 3-month period ending June 30. The report shows that a total of $288,744.44 has been paid out in dividends to both secured and unsecured depositors, and that all secured liabilities have been paid. Dividends to unsecured creditors total $179,084.19, to date, the report states. Unsecured liabilities carried on the books total $449,094.73, for which receiver's certificates have been issued. Collections total $681,149.54 to date, including $426,612.94 from assets and stock assessment; $35,239.46 in interest, premium and rents; $1,697.14 cash collected by the receiver and held in trust for owners and $217,600 received in R. F. C. loans.

11. August 27, 1935 The Oregonian Portland, OR

Article Text

Bag of Chicagoan Recovered After Being Lost "So this is the great west where men are men—and also honest," yesterday mused A. R. Waitt, recent arrival from Chicago, as he negligently set down a black leather traveling bag which early that morning he had never expected to see again. Met at the union station by his son, John E. Waitt, Portland symphony orchestra member, the visitor was taken by automobile out Rockwood road to his son's home, only to find on arrival that the bag, tucked between fender and hood, had failed to complete the 11-mile jaunt. After a futile search along the route, police were notified. Mr. Waitt was dubious, however, when told that recovery should be simple with a broadcast description of the luggage soon putting every officer in town on its trail. Salesman Finds Bag A phone message awaited the father and son on their return home, advising that William Ward, salesman for the Dennison Manufacturing company, had seen the bag drop from the car and, failing to catch them, had turned his find over to the police. The entire incident, including return of the luggage, consumed less than an hour. "I'm afraid it would have been a case of 'finders, keepers' back home," the pleased Mr. Waitt commented. Filipino Convict, in Prison, Only Applicant to Date Since the government's offer to transport Filipinos back to Manila at the cost of the United States, the Portland office has had one applicant, a Filipino who recently started serving a life sentence for murder in the state penitentiary, Roy J. Norene, divisional director of immigration and naturalization, has reported. Mr. Norene was obliged to inform the applicant that he did not come within the qualifications, he said. Under terms of a recent act of congress, any person who is a Filipino, born in the Philippine islands, and who is not a citizen of the United States but was residing in this country on July 10, 1935, may be returned to Manila at government expense so far as transportation and maintenance for the trip are concerned. Applications must be filed before December 1, 1936. Full Information Available Full information and application blanks may be obtained at several places as follows: Room 120, immigration station, 815 Airport way, Seattle; office of the United States immigration and naturalization service in Tacoma, Aberdeen, Anacortes, Bellingham, Portland or Astoria, Mr. Norene said. All necessary information and assistance can be obtained without charge at any office of the immigration and naturalization service and no fees should be paid, according to the director. FIRST-AID CAR STIRS INTEREST Fire Bureau Vehicle Likely to Be National Model The George L. Baker first-aid car of the Portland fire bureau is likely to become the model for a national program for the provision of motorized first-aid facilities, it was revealed yesterday by Captain Fred W. Roberts of the fire bureau. Captain Roberts had just completed a tour of the state, during which he gave demonstrations of the first-aid car in many communities. The likelihood of the national movement springs from the interest invited. BANK RECEIVER FILES SUIT An action to collect approximately $400 held to be owing to the First National bank of Albany by Eda Krueger was filed yesterday in federal court by C. C. Bryant, receiver of the bank. The pleadings hold that Mr. Bryant, as receiver, has been instructed by the controller of currency to disallow approximately $392.25 in offsets arranged between the bank and the defendant on debts due from the bank on deposit liabilities of Louise and Samuel Krueger. DEAN MORSE TO SPEAK Wayne L. Morse, dean of the University of Oregon law school, will be principal speaker at the Multnomah Civic club luncheon tomorrow in the Nortonia hotel, and Ralph R. Bailey, winner of the annual Hilton prize at the university, will deliver his winning address. Members of the bench and bar are invited.

12. September 16, 1935 Albany Democrat-Herald Albany, OR

Article Text

Officers, Directors Deny Any Knowledge of Insolvency TESTIMONY COMPLETE Decision Waits Filing of Statements From Both Sides Officers and directors of the First National bank of Albany maintained persistently on the witness stand Saturday before David B. Evans, master in chancery for the federal court, that they did not regard the institution as insolvent during the year preceding the bank holiday, after which the bank was placed on restriction and later in receivership. All admitted, however, more or less unfamiliarity with the true condition of the bank's assets. Testimony Completed Testimony of F. E. Callister, former vice-president and manager; D. E. Nebergall, former director and president; Dr. B. R. Wallace, A. G. Senders and R. L. Burkhart, directors of the First National, and of V. E. McIntyre, receiver for the Linn Securities company, concluded the plaintiff's evidence in the case of C. C. Bryant, receiver for the First National bank, vs. County Treasurer Nance, Sheriff Shelton and Clerk Russell involving the question of whether or not $8,084.43 remaining on deposit in the sheriff's and clerk's accounts when the bank was closed in trust or had the same status as an ordinary deposit. The bank's receiver, maintaining the latter contention is seeking release of securities now held by the county as collateral for the public funds in question. Insolvency Held Known When a decision on the case could be expected was not known today, for it must follow the submission of supplementary briefs on both sides, oral arguments and a report by the master in chancery. The hearing, originally held in July, was reopened Friday to permit introduction of new evidence by Mark V. Weatherford and District Attorney J. K. Weatherford, Jr., designed to establish that county funds were accepted for deposit in the First National bank January 27, 1933, at a time when the officers and directors of the bank had full knowledge that the bank was insolvent.